Industry Transformation and Upgrading and the Development of Jewelry Industry Since 2008, China's economy has experienced great fluctuations. Under the impact of various unfavorable factors, the future economic growth decline has become a * * * knowledge. The original power of economic growth is gradually exhausted, the cost of labor and land is obviously rising, the financing of enterprises is difficult, the external demand is weak, the domestic demand still needs to be improved, the constraints of institutional mechanisms are increasingly strengthened, and the bottleneck role of financial, land and household registration controls on economic development is gradually highlighted, making the traditional economic development mode unsustainable. From the international experience, if a country's economy does not adjust its economic development strategy in time after reaching the middle income level, it may be stagnant for a long time. If we can skip the "middle income trap", China's economy may gradually enter a medium-speed growth stage of around 7%, but it depends on whether the economic development mode can be successfully transformed.
1. Industrial transformation and upgrading is imminent.
Industrial transformation and upgrading is an important aspect of transforming the mode of economic development. It is the transformation of industrial development from extensive to intensive, from labor-intensive to capital-technology-intensive and from low added value to high added value. Industrial transformation and upgrading is a long-term systematic project. Between departments, the proportion of industries gradually shifts to the secondary and tertiary industries; In the industry, it is characterized by efficiency improvement, technological progress and climbing to the high end of the value chain. For China in the transitional period, industrial transformation and upgrading depends not only on enterprises and industries, but also on whether the government can continue to deepen the system reform and further improve the socialist market economic system.
The rapid rise in factor costs has forced the industry to transform and upgrade. Frequent recruitment is difficult, wages rise, and social security costs increase. Young people are unwilling to engage in simple repetitive work, which increases the hidden cost of labor. Interest rates have not been completely liberalized, finance has been suppressed, and a large amount of funds are circulating outside the body, making it difficult for private and small and medium-sized enterprises to raise funds. Energy and resources are increasingly scarce. The land for industrial and urban construction in coastal areas is tight, the land rent is rising, and the geographical space for industrial development is very limited. Simply relying on expanding factor input will eventually be affected by diminishing returns to scale, and economic growth will be difficult to sustain.
20 12 China jewelry yearbook
The internal and external market environment is unfavorable, and the business difficulties of enterprises are aggravated. Since 200 1 China joined the WTO, globalization has become an important force to promote China's economic growth. However, at present, European and American countries are dragged down by the financial and debt crisis, with slow economic recovery and sluggish external demand. China's low-cost advantage is gradually losing, and the competitiveness of the export sector is declining. When enterprises change from international market to domestic market, they are faced with the problems of imperfect market environment and high circulation cost, which makes it difficult to develop domestic demand.
Asset prices are rising rapidly, and the trend of economic bubble is emerging. Capital lacks effective investment channels and speculation prevails. The prices of stocks, real estate, coal, agricultural products and other assets and commodities fluctuate greatly, and the operating income of enterprises is often lower than that of speculation, which further stimulates the separation of funds from industry and intensifies the asset bubble. At present, China's financial system is still relatively fragile. We should learn from the subprime mortgage crisis in the United States to avoid similar crises in China.
The government dominates economic development, and financial risks are accumulating. Under the current official assessment mechanism, the behavior of local governments is short-term. Local governments attract investment and compete for projects, but they often underestimate the risks and the investment efficiency is not high. Since the end of 2008, the government has responded to the short-term economic downturn through investment. Under the new round of credit expansion, the systemic risk of the banking system has improved. The government's dependence on "land finance" is increasing day by day, and the risks of local financing platforms are increasing. With the decline of economic growth in the future, it is more difficult to increase fiscal revenue, and the problem of government debt will become an important hidden danger, and the problems covered by rapid economic growth will gradually surface.
The motivation for reform is insufficient, and institutional constraints need to be solved urgently. Under the current urban-rural dual system, the household registration system inhibits the free flow of labor, and the land system restricts the development of cities and industries. Some key industries have strict management and control, high entry threshold, insufficient competition and low efficiency. The income gap has obviously widened, which has aggravated social instability. The pattern of social interests derived from economic development for more than 30 years is an important reason why the reform is difficult to advance.
2. Characteristics and problems of jewelry industry
The background of changing the mode of economic development has a great influence on the development of China's jewelry industry, especially the factor cost, market environment and asset price closely related to the jewelry industry. Jewelry and precious metals are important media for wealth storage, and their market conditions largely reflect the short-term fluctuation characteristics and long-term development trend of the economy. From the historical experience, jewelry and precious metals are hedging tools in economic recession and investment means in economic prosperity. Precious metals and many types of jewelry have limited reserves, and with the development of economy and the increase of income, the scarcity will become increasingly obvious. This fundamental factor determines that the jewelry market has great potential. At present, China has established a gold and diamond exchange, and the transactions of financial derivatives of jewelry and precious metals are increasingly active, and their financial attributes are increasingly strengthened, and the degree of market development is constantly improving. But overall, the development of China's jewelry industry is still in the primary stage, with four main characteristics.
First, the industry is developing rapidly and has great potential in the future. With the rapid growth of China's economy, China's jewelry sales in 20 1 1 year exceeded US$ 60 billion, ranking first in the world, accounting for nearly one third of the global share. In recent years, the sales growth rate has been above 15%. The export-oriented characteristics of jewelry industry are remarkable, with 20 1 1 export of $27.5 billion. Under the current difficult overall export situation, the export growth rate still reaches 123%. Although some jewelry enterprises are facing difficulties due to the unfavorable economic situation, the development of the industry is far from mature. As a luxury, with the further improvement of the income level of China residents, the demand for jewelry will accelerate in the future. In 20 10, the per capita consumption of gold in China was only 0.26g, which was still far behind other countries with similar consumption culture. If the per capita gold consumption increases by 1g, it will bring about an increase of 1.400 tons of gold jewelry consumption, which is equivalent to an output value of about 500 billion yuan at current prices.
20 12 China jewelry yearbook
Second, the characteristics of industrial agglomeration are remarkable, but the industrial concentration is low. The agglomeration effect of jewelry industry is obvious, and enterprises are mostly concentrated in resource-rich areas and processing and trading centers, which is helpful to provide public services such as infrastructure, logistics and appraisal. At present, China has established more than 20 jewelry characteristic industrial bases and more than 100 processing and trade centers, but to some extent, there are problems of rushing headlong into the herd and lacking characteristics, and about one third of the industrial bases are underfunded and poorly managed. The concentration of jewelry industry is low and the market environment is imperfect. At present, there are nearly 20,000 jewelry retail enterprises and more than 60,000 stores in China. Most of them are small in scale, with serious product homogeneity and even vicious competition. The market share of the five major jewelry retailers is less than 20%, and the market needs to be integrated.
Third, most jewelry enterprises are still at the low end of the value chain, and their brand building and innovation capabilities are weak. China's jewelry enterprises mainly rely on processing and manufacturing, mainly relying on labor input, lacking well-known brands with wide social influence, weak design ability and lack of in-depth excavation of cultural connotation. Unique design and high-end brand image are the core competitiveness of the jewelry industry, but at present, high-end brands in the domestic market are mainly controlled by foreign capital, and the product premium is high. Mid-end brands are mainly traditional designs with simple styles, and the gross profit margin is generally 10% to 30%. The low-end market lacks influential brands, mainly local small and medium-sized enterprises and manual workshops. With the increase of labor costs, enterprises at the low end of the value chain will gradually be eliminated, and transformation and upgrading are the only way.
Fourth, the industry coordination ability has been gradually enhanced, and the credit system needs to be improved. The information asymmetry in the jewelry market is extremely strong, and ordinary consumers lack professional knowledge and identification ability. An imperfect credit system will hinder the development of the whole industry. Only by establishing a perfect reward mechanism and cultivating word-of-mouth effect can the development of the industry enter a virtuous circle. At present, China's jewelry industry associations and quality inspection institutions are developing well, which have played a great role in quality assurance, quality appraisal and exchanges and cooperation.
3. The path of transformation and upgrading of jewelry industry
The report of the 18th National Congress of the Communist Party of China clearly put forward the income multiplication plan, which means that the demand for jewelry will further increase. How should the jewelry industry meet the new development opportunities? The transformation and upgrading of jewelry industry needs the joint efforts of enterprises, industries and governments. Enterprises are the main body of transformation and upgrading, industry associations provide guidance and services for enterprises, and the government creates a good environment for industry development. In the future, jewelry enterprises should pay attention to cultivating brands, enhance their innovation ability, and meet the needs of consumers for constant picky and upgrading by improving technological processes, improving product quality and increasing product categories. Jewelry industry associations and other organizations should improve industry standards, conduct fair and transparent product identification and inspection, and safeguard the reputation of the industry. The government should pay attention to cultivating a level playing field, reduce improper intervention, encourage the survival of the fittest, and give birth to a number of leading enterprises in the industry.
First, brand is the core competitiveness of jewelry enterprises. Information asymmetry is the key to affect consumers' jewelry choice, and brand is the solution to information asymmetry. First-class brand jewelry can create demand, and consumers will even buy it at any cost. Second-rate brand jewelry contains credible promises-reliable quality, exquisite design, perfect service and good social reputation, which can meet reasonable market demand and generate higher added value. At present, the investment in brand building of jewelry enterprises in China is low, and the advertising investment of leading enterprises such as Chaohongji and Chow Tai Fook is far lower than that of international first-class brands such as Tiffany. Rome was not built in a day, and brand building can't be done overnight. It needs long-term perseverance. Enterprises should constantly adjust their brand strategy according to the changes of market environment and industry technology. Building a brand is easier said than done. A good brand means that enterprises will take care of customers, and consumers will make the right decisions when they choose a good brand.
Second, innovation is the fundamental driving force for the development of jewelry enterprises. The core culture of jewelry and jade jewelry is "beauty", so we should dig deep into the cultural connotation. As a work of art, product design is the main carrier of jewelry innovation, and distinctive products can cultivate customer loyalty. For example, Swarovski crystals are famous for their exquisite design. Although the material cost may be lower than that of rare mineral resources, the unique product design greatly improves the product value. The innovation of production technology is an important way to improve quality, and it is also the main way to deal with the rising labor cost. Swarovski crystal constantly pursues technological innovation, creating the machine cutting of artificial crystals, enabling it to produce the best quality, dazzling and highly accurate crystal products.
Third, a good channel is an important guarantee for realizing value. Jewelry products directly face mass consumers, and covering a wide range of marketing channels is the key to increase market share. Jewelry enterprises should choose appropriate sales channels according to their own strength and characteristics. Joint venture is the main mode of jewelry retail at present, which makes full use of existing circulation channels, has low cost and wide coverage, but its characteristics are not obvious, and is suitable for low-end brands. On the contrary, self-operated similar stores have good controllability and perfect service, but the cost is relatively high, which is suitable for high-end brands. Compared with the American jewelry market, there is still a big gap in the sales coverage of domestic jewelry enterprises. At present, domestic brands such as Chow Tai Fook only have more than 65,438+0,000 outlets, which is far lower than international brands such as Sterling jewelers. In addition, e-commerce will profoundly change the channel construction of jewelry market, which deserves special attention.
Fourth, the resource reserve is the foundation for the long-term development of jewelry enterprises. Jewelry is a resource-intensive industry, and it is highly dependent on raw materials such as jade and precious metals. The rapid economic growth in China is accompanied by the rapid rise and violent fluctuation of asset prices. If we adopt the business model of "big in and big out" relying solely on the processing of supplied materials and fail to control key resources, jewelry enterprises will be subject to people, especially in the unfavorable external environment, and their ability to resist risks will be significantly reduced. With the development of financial market, jewelry enterprises should also use financial derivatives such as futures and options to hedge risks and avoid the risk of rising raw material costs.